Central Oregon Market Report

Spring in Central Oregon

Spring typically sees a rising inventory of homes for sale, and as of this morning, there are 401 single-family properties listed in Deschutes County, a healthy jump from last Wednesday's 333 homes for sale. In addition, pending and sold days on the market ticked down to five days from six the previous week, while the median sale price increased from 680k to 783k. But, of course, these weekly stats are a snapshot of the current market, and any trend requires more than several days of data to identify. Sold properties last week were almost unchanged from the previous week at 74, compared to 73. An interesting trend has been the increase in price reductions, accounting for 143 of the currently listed homes. Considering that mortgage interest rates have climbed to 5.11%, price reductions are typical for motivated sellers. Does this mean we have reached peak pricing? Possibly for homes below the median sale price, but higher-end homes are still selling fast, as indicated by the median days listed and an increase of the median sale price of 103k. With higher mortgage interest rates expected, it is reasonable to assess that serious sellers are taking action to liquidate properties while prices are still firm. Correct pricing for newly listed homes is essential in any market, although the hot market that started two years ago has made accurate pricing challenging to gauge. As mortgage interest rates continue to climb and more homes are listed, correct pricing is imperative for a quick sale.

Is the Central Oregon housing market cooling off? That depends entirely on location and the particular property. This chart of homes for sale above $2M indicates a different dynamic from our median-priced property sales volume.

When the real estate market cools, the data clearly shows higher priced homes take longer to sell, with considerably lower sales volume. Many owners of these truly special properties simply pull the listing and wait, rather than discount the asking price. If you are considering a home in this price range, I encourage you to consider your long-term needs rather than trying to time the market. If our market cools, the home you love simply may not be available.

Whatever your price range, I would be happy to put my meticulous research skills to work for you!

New Construction Search

New construction accounts for a large percentage of the homes available in Central Oregon, with 17.2% of the current inventory of single-family homes in Deschutes County (69 homes) newly built or under construction. In addition, as the market changes, many buyers will find newly constructed homes fit their needs better than resales for various reasons. EnjoyBendLife.com has links to the new construction inventory for each community in Central Oregon or all of these homes on the Central Oregon page. Choose the community you are searching for from the Enjoy Bend Life home page and scroll down to find the 'New Construction" link. Save any search you perform and have updates emailed to you daily. My website pulls directly from the Central Oregon MLS and is updated every 15 minutes!